August 3, 2018 / 12:50 PM / 4 months ago

U.S. dollar weakens after July nonfarm payrolls data

NEW YORK, Aug 3 (Reuters) - The U.S. dollar edged lower against a basket of peers on Friday, after data showed U.S. job growth slowed more than expected in July likely due to companies’ struggles to find qualified workers, and the unemployment rate declined, pointing to tightening labor market conditions.

Nonfarm payrolls increased by 157,0000 jobs last month, the Labor Department said on Friday. The economy created 59,000 more jobs in May and June than previously reported. The economy needs to create about 120,000 jobs per month to keep up with growth in the working-age population.

The dollar index, which measures the greenback against a basket of six currencies, was down 0.14 percent at 95.027. The index was about flat for the day before the release of the nonfarm payrolls data.

The dollar was 0.21 percent lower against the Japanese yen, at 111.42 yen, close to the session low. (Reporting by Saqib Iqbal Ahmed; Editing by Bernadette Baum)

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